Key Highlights

  • FY2026 was a reset year.
  • Cogstate released FY2026 results on 18 August 2026 for the year ended 30 June 2026.
  • A June-quarter activities report lodged on 27 July 2026 showed unaudited FY2026 Revenue of roughly A$74.98 million.
  • The three businesses combine different revenue models, Capital needs and execution priorities within the healthcare sector.

Trajan Group (ASX:TRJ), Cogstate (ASX:CGS) and BLS Pharmaceuticals (ASX:BLS) approach FY2027 from different operating positions. Their latest company disclosures show how revenue quality, cash conversion and delivery against announced programs matter more than a shared sector label.

Each company is assessed on its own reporting calendar and Business model. The discussion below retains company-reported financial measures and announced plans while separating those facts from assumptions about future outcomes.

Company Business

Trajan Group (ASX:TRJ)

Trajan Group Holdings Limited designs, manufactures and supplies precision consumables, devices and instrumentation used in the analysis of biological, food, water and environmental samples. Headquartered at Ringwood in Victoria and employing roughly 630 people, it emphasises the pre-analytical steps — collection, transport and sample preparation — that precede measurement by chromatography or mass spectrometry.

Cogstate (ASX:CGS)

Cogstate Limited has been ASX-listed since 2004 and describes itself as a neuroscience technology company focused on brain health assessment. Its computerised cognitive tests — built around the Cogstate Brief Battery, which the company says has featured in more than 2,000 research studies — measure cognition in clinical trials, healthcare settings and academic research.

BLS Pharmaceuticals (ASX:BLS)

ASX code BLS today belongs to BLS Pharmaceuticals Limited, a Sydney-headquartered pharmaceutical manufacturer. This is not a new or backdoor listing: the entity has been ASX-listed since December 2000 and was previously Bioxyne Limited (ASX:BXN), and before that Probiomics Limited and VRI Biomedical Ltd. Shareholders approved the name change at a general meeting on 19 June 2026, it was registered with ASIC, and shares commenced trading under the code BLS on 7 July 2026, having traded under a transitional code during a share consolidation. Its financial year ends 30 June.

Financial Performance

Trajan Group (ASX:TRJ)

FY2026 was a reset year. In half-year results released on 26 February 2026, Trajan reported net revenue of A$84.1 million, up 3.8%, but normalised EBITDA of just A$5.0 million, down 36.2%. Net Debt stood at A$32.2 million and cash at A$12.8 million at 31 December 2025. Management reconfirmed full-year guidance of net revenue above A$170 million and normalised EBITDA above A$16 million, with the chief executive calling that "a significant challenge" from such a starting point. On 26 May 2026 the company flagged that Australian dollar appreciation would reduce reported H2 revenue by about A$4 million and normalised EBITDA by about A$2 million, while noting underlying Demand was in line with expectations.

The full-year result, released on 27 August 2026, landed below the original guidance. Group revenue was A$161.4 million, down 3.1%, with normalised EBITDA of A$13.2 million, down 14.7%. The shape of the year mattered: H2 normalised EBITDA of A$8.1 million was well ahead of the A$5.0 million first half, and H2 gross Margin improved to 40.6% from 37.4%. The statutory net loss narrowed to A$623,000 from A$4.6 million in FY2025.

Cogstate (ASX:CGS)

Cogstate released FY2026 results on 18 August 2026 for the year ended 30 June 2026. Revenue rose 15% to USA$60.9 million from USA$53.1 million. Gross Profit was USA$35.4 million, with gross margin easing to 58% from 61%. EBITDA was USA$18.3 million at a 30% margin, EBIT USA$15.2 million at 25%, profit before tax up 16% to USA$16.1 million, and net profit after tax up 17% to USA$11.9 million.

The Balance Sheet ended the year debt-free with USA$34.8 million in cash, against operating cash inflows of USA$8.5 million. Directors declared a fully Franked Dividend of USA$0.04 per share, described in results coverage as double the prior year's payout at roughly a 40% payout ratio. Segment disclosure showed Clinical Trials generating USA$58.4 million at a 57% contribution margin, with healthcare contributing USA$2.5 million at an 81% margin.

BLS Pharmaceuticals (ASX:BLS)

A June-quarter activities report lodged on 27 July 2026 showed unaudited FY2026 revenue of roughly A$74.98 million. Audited full-year results followed on 31 August 2026: revenue of A$74.2 million, up 161% and at the top of the A$65-75 million guidance range; net profit after tax of A$15.4 million, up from A$4.9 million; and adjusted EBITDA up 171% to A$19.0 million at a 26% margin, also at the top of guidance. Cash stood at A$13.3 million, with a further A$3 million overdraft available.

The cash conversion gap is the number to sit with: Operating Cash Flow of A$5.4 million against A$15.4 million of net profit, driven by inventory building to A$17.8 million to service export contracts.

Sector Context

The companies serve different parts of the healthcare economy, so their revenue and cost structures are not directly interchangeable. Contract duration, recurring income, customer concentration, Capital Expenditure and Acquisition accounting can materially change how headline growth appears in each set of accounts.

A useful comparison therefore starts with the source of revenue and the cash required to support it. Reported guidance remains conditional on management execution, customer activity and the timing of announced projects or integrations.

Risks to Consider

Trajan Group (ASX:TRJ)

Execution against announced programs, customer concentration and cost control remain the main variables to monitor.

Cogstate (ASX:CGS)

On the risk side, Cogstate remains exposed to pharmaceutical R&D budgets and CNS trial funding cycles, which are cyclical and lumpy. Gross margin compression from 61% to 58% bears watching. Management noted FX hedging assisted FY2026 EBITDA and should not be assumed to repeat, and the AI program involves spending ahead of demonstrated returns. Because the company reports in US dollars while its shares trade in Australian dollars, currency movements also affect translated outcomes.

BLS Pharmaceuticals (ASX:BLS)

For FY2027, management guided on 31 August 2026 to revenue of A$105-115 million, implying 42-55% growth, at an EBITDA margin of 23-26%. Managing Director Sam Watson said the company enters FY2027 "with more Manufacturing capacity, better market access, bigger contracts and more opportunities than ever before". Guidance excludes the not-yet-licensed UK facility, making that licensing both a potential upside and an execution risk.

What to Watch Next

Trajan Group (ASX:TRJ)

The central strategic effort has been "Project Neptune", a cost reduction program spanning headcount reductions, capital expenditure restraint and Facility consolidation, including at the company's Connecticut operations. Management has pointed to this program, alongside pricing actions, as the driver of H2 margin improvement, and has indicated the group holds foreign exchange hedging protection through to June 2027.

The group reports three segments: Components and Consumables, the largest and most recurring, covering syringes, columns and vials; Capital Equipment, covering instrumentation and automation including the CHRONECT brands; and Disruptive Technologies, housing newer platforms such as Neoteryx microsampling.

Cogstate (ASX:CGS)

That intake translated into forward visibility. Contracted future revenue stood at USA$118.5 million, up 32%, of which USA$48.3 million is expected to be recognised in FY2027, up 54%. Clinical trials alone account for USA$46.1 million of that figure, up 58%. Management has also launched a two-year program applying AI and automation to clinical trial operations and portal workflows, aiming to contain headcount growth while revenue scales, and indicated an intention to hold the 30% EBITDA margin through that Investment period.

The most striking FY2026 metric was contract intake rather than revenue. Cogstate signed approximately USA$89 million of net new clinical trial sales contracts, up 116%. Active trials rose 55% to 171, and new trial initiations nearly tripled to 90 from 35. Management highlighted that mood, sleep and other neurological conditions accounted for close to half of new starts — a Diversification away from historical concentration in Alzheimer's disease.

BLS Pharmaceuticals (ASX:BLS)

A GMP facility in the Scottish Borders is the largest capital project. Construction is complete with validation underway and operations expected in early 2027, following roughly A$2.1 million of capital expenditure partly offset by A$1.0 million in loans and A$0.5 million in grants from South of Scotland Enterprise.

For FY2027, management guided on 31 August 2026 to revenue of A$105-115 million, implying 42-55% growth, at an EBITDA margin of 23-26%. Managing Director Sam Watson said the company enters FY2027 "with more manufacturing capacity, better market access, bigger contracts and more opportunities than ever before". Guidance excludes the not-yet-licensed UK facility, making that licensing both a potential upside and an execution risk.

How to Read the Current Position

The clearest assessment will come from subsequent company reporting. Revenue should be read alongside margins and cash flow, while acquisition-led growth should be distinguished from organic activity. Guidance and longer-term targets are company objectives rather than assured outcomes.